Governor Pat Quinn today announced that rates for the benchmark plans that will be offered on the Illinois Health Insurance Marketplace are more than 25 percent below U.S. Health and Human Services (HHS) estimates. The Governor made the announcement as Illinois is awaiting final federal approval for 165 health plans that are expected to be offered by eight insurers as options on the Illinois Health Insurance Marketplace. Today’s announcement is part of Governor Quinn’s commitment to improve the health and well-being of the people of Illinois, and ensure that all people have access to quality health care.
“All health insurance plans offered through the Illinois Health Insurance Marketplace are designed to meet the needs of individuals, families and small business owners across the state,” Governor Quinn said. “I am happy to say that starting in October, Illinois residents will be able to select a plan that is affordable and meets the healthcare needs of their families. The number and quality of affordable health plans that will be offered through the Illinois Marketplace is impressive.”
Health insurance plans offered through the Marketplace will be categorized as bronze (lowest cost), silver, gold or platinum (highest cost) based on how costs are shared. For example, bronze plans are likely to have lower premiums but higher out-of-pocket costs such as deductibles, co-pays and co-insurance. (more…)